A possible workaround is to use an attached property. Basically, we've added ConnectionPointsProperty in AttachedProperties class and added binding to this new property in the style of the connection.

public class AttachedProperties
    {
        public static RadDiagram Diagram { get; set; }

        public static readonly DependencyProperty ConnectionPointsProperty =
           DependencyProperty.RegisterAttached("ConnectionPoints", typeof(List<Point>), typeof(AttachedProperties), new PropertyMetadata(null, OnConnectionPointsChanged));

        public static IEnumerable<Point> GetConnectionPoints(DependencyObject obj)
        {
            return (IEnumerable<Point>)obj.GetValue(ConnectionPointsProperty);
        }

        public static void SetConnectionPoints(DependencyObject obj, IEnumerable<Point> value)
        {
            obj.SetValue(ConnectionPointsProperty, value);
        }

        private static void OnConnectionPointsChanged(DependencyObject d, DependencyPropertyChangedEventArgs e)
        {
            var connection = d as RadDiagramConnection;
            var connectionPoints = e.NewValue as List<Point>;
            if (connection != null && connectionPoints != null)
            {
                for (int i = 0; i <  connectionPoints.ToList().Count; i++)
                {
                    connection.ConnectionPoints.Add(connectionPoints.ToList()[i]);                 
                }
                connection.IsModified = true;
                (connection as IConnection).Update();
            }
        }
    }



  <telerik:RadDiagram.ConnectionStyle>
                <Style TargetType="telerik:RadDiagramConnection">
                    <Setter Property="ConnectionType" Value="Polyline"/>
                    <Setter Property="local:AttachedProperties.ConnectionPoints" Value="{Binding MyConnectionPoints}"/>
                </Style>
            </telerik:RadDiagram.ConnectionStyle>